Kenneth Rogoff: The eurozone does not need IMF help

Kenneth Rogoff: The eurozone does not need IMF help

With leaders of the Group of 20 leading nations now focusing on the International Monetary Fund as their preferred conduit for any bail-out in the eurozone, it is imperative they ask what concrete purpose the fund’s capital will serve. Unless the IMF is granted considerable power to enforce conditionality at the eurozone level, it is hard to see much benefit in its involvement, aside from providing a fig leaf for large-scale European Central Bank purchases of euro sovereign junk bonds. http://link.ft.com/r/WDI4RR/SP863A/NS9NWA/MSJV94/2O7KNC/HK/h?a1=2011&a2=11&a3=4